Anyone Worried?

[WTFH]

Ive been on these boards for over 15 years (despite what you may think). Ive seen a change in the contractor 'ethos' over the last 4 or 5 years. Yes, we were all green at one time or another but there's clearly been an influx of people who do not really grasp what a contractor is.

Contracting is has become more niche and that is speeding up every year. But many newer contractors see contracting as another form of permiedom. Even a number of established contractors have slipped into becoming part and parcel of the client if they are truely honest with themselves.

I agree that a new contractor who has maybe only been in the game for a year or so might not understand the idea of building up a warchest, but several of the posts on here are from people who claim to be contractors and claim to have been doing it for years. Many have been members of this forum for a long time.

Take a look at some of the posts from April - contractors suddenly out of work and panicking immediately about how would they pay their bills.

Contracting has always been niche for me, I've known who my "competitors" were and there's always been a case of "if I'm not available, try one of these guys". We keep in touch infrequently, but have a reasonable idea as to who is where, doing what.

[dogzilla]

You can tell when a contractor is spending too much money and doesn't have enough of a buffer because they start getting stressed near renewal time and start flapping when they don't have a renewal 30 days out.

[6128k]

Over the years I have worked with many 'contractors', some who acted sensibly and built up siezable warchests and others who simply squandered their money away.

I would say a large majority fall into the latter category and live hand to mouth even with a substantial monthly take home.

This category will need to worry

[elsergiovolador]

Over the years I have worked with many 'contractors', some who acted sensibly and built up siezable warchests and others who simply squandered their money away.

I would say a large majority fall into the latter category and live hand to mouth even with a substantial monthly take home.

This category will need to worry

Probably today market rates are not so much if you try to live normal "middle class" life. If someone is single (and rents a partner from time to time instead of dating), rents a room in a flatshare or a bed in a dorm hostel in some rough area, eats toast and beans, takes caffeine pills instead of Starbucks, then yes there is a chance of building sizeable warchest.

[SussexSeagull]

It is quite easy for a lot of people who have done this for years to build up a war best as they quite possibly haven’t got a mortgage. Also gaps between contracts, which are become more common, will reduce your money.

This whole old contractors good new contractors bad thing is a bit tedious. There were contractors who had been there a decade when I was still Permanent 15 years ago. It certainly isn’t a new thing.

[The Tartan Cottage]

I’ve got a contract

I can’t believe it. I’m so relieved!

It’s for 3 months, not likely to extend as I’m just coming in to bring a team up to speed but a good rate and 100% WFH.

Looks like I’ll be flying up front on my next holiday

[ladymuck]

I’ve got a contract

I can’t believe it. I’m so relieved!

It’s for 3 months, not likely to extend as I’m just coming in to bring a team up to speed but a good rate and 100% WFH.

Looks like I’ll be flying up front on my next holiday

Nice one!

[barely_pointless]

I’ve got a contract

I can’t believe it. I’m so relieved!

It’s for 3 months, not likely to extend as I’m just coming in to bring a team up to speed but a good rate and 100% WFH.

Looks like I’ll be flying up front on my next holiday

well done! !!

[pmasoft]

Time for a change

About finding another contract?

I see there’s a bit of bravado on here and I don’t want to look like a wee fearty but my resources are finite. I can last a year and that’s it and judging on the market activity of the past 3 months I’m not going to find anything in that time.

I’m worried, it keeps me awake at night and I’m hoping for some positive words.

I have been contracting since 1988 with very few voids. This time around it has been over a year. First Brexit, then IR35, have both taken their toll on the market, the latter more so. So I have not been just sitting on my bum and contemplating my navel. I now have a business introducing people who need finance to the right people. Predominantly property related including BTL, Holiday Homes, Residential Mortgage and Re-Mortgage. Also development loans for you self builders out there. So feel free to get in touch if you need anything.
The point I am trying to make is that there are always opportunities out there if you look and although I have been in IT since 1973 it is never too late to take up new challenges outside of your normal world.

[The Tartan Cottage]

I have been contracting since 1988 with very few voids. This time around it has been over a year. First Brexit, then IR35, have both taken their toll on the market, the latter more so. So I have not been just sitting on my bum and contemplating my navel. I now have a business introducing people who need finance to the right people. Predominantly property related including BTL, Holiday Homes, Residential Mortgage and Re-Mortgage. Also development loans for you self builders out there. So feel free to get in touch if you need anything.
The point I am trying to make is that there are always opportunities out there if you look and although I have been in IT since 1973 it is never too late to take up new challenges outside of your normal world.

Yes, very good point well made.